Intrastate Crowdfunding Legislation
Prepared by the North American Securities Administrators Association (NASAA)
Alabama / SB 44/Act
No. 2014-376 / Tied to federal intrastate offering exemption. / — / — / The bill was signed into law and became effective immediately on April 8.
Alaska / HB 303 / Tied to federal intrastate offering exemption. / — / — / The bill was introduced on February 12 and referred to the House Labor & Commerce Committee. The Legislature adjourned on April 25.
California / AB 2096 / Tied to federal Reg. D, Rule 504 offering exemption. / — / — / The bill was introduced on February 20 and passed the Assembly on May 19. It has been referred to the Senate.The Legislature will adjourn on November 30.
Connecticut / HB 5577 / To study crowdfunding in other states; report due on or before 1/1/15. / — / — / The bill was introduced on March 13, passed the House on May 7, and has been referred to the Senate. The Legislature adjourned on May 7.
District of Columbia / Proposed Rules / Tied to federal intrastate offering exemption. / — / — / Proposed rules were issued on August 8. The comment period ended on September 6.
Florida / HB 1299/
SB1596 / Tied to federal intrastate offering exemption. / — / — / HB 1299 was introduced on March 4, and SB 1596 was introduced on March 10. The Legislature adjourned on May 2.
Georgia / Rule 590-4-2-.08 / Tied to federal intrastate offering exemption. / A rule was promulgated on December 8, 2011. / — / —
Idaho / Exemption by Order / Tied to federal intrastate offering exemption. / An order was issued on January 20, 2012. / — / —
Indiana / SB 375/
Public Law 106 / Tied to federal intrastate offering exemption. / — / — / The bill was signed into law on March 25. The law became effective on July 1.
Kansas / K.A.R. 81-5-21 / Tied to federal intrastate offering exemption. / An exemption was adopted on August 12, 2011. / — / —
Maine / LD 1512
(Chapter 452) / Tied to federal Reg. D, Rule 504 offering exemption. / — / — / The bill became Public Law and became effective on March 2.
Maryland / SB 811 (Chapter 557)/HB 1243
(Chapter 558) / Creates a new category of exempted security pursuant to intrastate offering exemption. / — / — / Both bills were signed into law on May 15. The law will become effective on October 1.
Michigan / HB 4996/
Public Act 264 / Tied to federal intrastate offering exemption. / — / The bill was signed into law on December 26 and became immediately effective. / —
Mississippi / SB 2685 / Tied to federal intrastate offering exemption. / — / — / The bill was introduced on January 20, and passed the Senate Financial Institutions Committee on January 30. The Legislature adjourned on April 2.
Missouri / HB 1736 / Tied to federal intrastate offering exemption. / — / — / The bill was introduced on February 5 and was referred to the House Financial Institutions Committee. On March 26, a public hearing was held. The Legislature adjourned on May 30.
Nebraska / LB 205/
Rev Stat. 8-1111(23) / Tied to federal intrastate offering exemption; prohibits a “public offering.” / — / The bill was signed into law on May 8. / —
New Jersey / A2073/S712 / Tied to federal intrastate offering exemption. / — / — / The bills were introduced on January 14, and have been referred to committees. A2073 was reported out of the Assembly Financial Institutions Committee on June 5.The current Legislature will adjourn on January 12, 2016.
New Mexico / Proposed
Regulations / Tied to federal intrastate offering exemption. / — / — / Proposed rules were published on September 24, and are open for public comment for 60 days
North Carolina / HB 680 / Tied to federal intrastate offering exemption. / — / HB 680 was introduced on April 9, passed the House on June 20 and was referred to the Senate. / A substitute bill was reported favorably in the Senate Commerce Committee and referred to the Senate Finance Committee on July 17. The Legislature adjourned on August20.
Tennessee / HB 1684/
SB 1481 / Tied to federal intrastate offering exemption. / — / — / The bill was signed into law on May 19. The law will take effect on January 1, 2015.
Texas / Proposed
Rules / Tied to federal intrastate offering exemption. / — / — / Proposed rules were published on May 9, and were open for public comment for 30 days. The rules will be considered by theState Securities Board on October 22.
Utah / HB 142 / Tied to federal intrastate offering exemption. / — / — / The bill was introduced on February 17 and received two readings. The Legislature adjourned on March 13.
Virginia / HB 880/
SB 351 / Tied to federal intrastate offering exemption. / — / — / Both bills were introduced on January 8. The Legislature adjourned on March 8.
Washington / HB 2023/
Chapter 144 / Tied to federal intrastate offering exemption. / — / — / The bill was signed into law on March 28. The law became effective on June 12.
Wisconsin / AB 350/
Public Act 52 / Tied to federal intrastate offering exemption. / — / The bill was signed into law on November 7. / The law became fully effective on June 1.
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